Goldman Sachs: PICC's long-term goal is to provide sustainable dividend growth for shareholders

AASTOCKS
2026.01.19 05:13

Goldman Sachs reported that it hosted the management and investor relations teams of PICC Group (01339.HK) and China Pacific Insurance (02328.HK) at its Asian financial institutions day. Regarding the property and casualty insurance business, the company reiterated its focus on improving the cost-effectiveness of non-auto insurance and expects the underwriting environment for new energy vehicle insurance to further improve. The life insurance "New Year" sales so far meet the company's expectations, and the company believes that as the contribution from long-term premium products increases, it may lead to margin expansion. Regarding dividends, PICC Group's long-term goal is to provide sustainable per-share dividend growth for shareholders and stated that it will consider the dividend payout ratio.

Goldman Sachs has rated PICC H shares and PICC (601319.SH) A shares as "Neutral" and "Sell," respectively, with a 12-month target price of HKD 6.8 and RMB 6.5 based on a sum-of-the-parts valuation method. The firm has given a "Buy" rating for property and casualty insurance, with a 12-month target price of HKD 19.7 based on a return on equity valuation method

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